I was wondering what other methods will any of you guys recommend to verify that you are bidding on the first mortgage not the second mortgage for FLORIDA.
I have been able to find the mortgage information but i notice a lot of the times the banks sell the mortgage to other banks, so sometimes is hard to know if the bank who is doing the foreclosure is the bank who hold the first mortgage not the second mortgage.
Any information will be greatly appreciate it.
@Daniel Acero you will have to become with how to identify mortgage assignments and subordination agreements for the areas where you plan to be doing this sort of investing. Lots of details will have to be learned to grasp those concepts.
Updated over 2 years ago
Left out the word "familiar" - should read "become familiar with"
Thank you for your reply. The area i plan to invest is in Miami Dade and Broward. I will see what i can find on mortgage assignments and subordination agreements. If anyone can provide any feedback it will be greatly appreciate it.
Originally posted by @Frank Dai :
-Because you can make 50-60% returns per year, at 2 deals per year and 25% returns on each deal.
Just thought it was worth pointing out that this is NOT how percent returns sum. If you do two deals for a 25% return (assuming you don't use the money from the first to pay for the second) then your total return is still 25%.
Hi Frank, if the cashier check is made out to yourself, how does one pay the trustee? My bank is telling me that only the person whom the cashier check is made out to can cash it. If you could clarify how this works, that would be great.
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